{"id":77138,"date":"2021-01-16T17:26:34","date_gmt":"2021-01-16T11:56:34","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=77138"},"modified":"2021-03-01T14:23:49","modified_gmt":"2021-03-01T08:53:49","slug":"trade-with-china-shrank-in-2020-deficit-at-five-year-low","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/trade-with-china-shrank-in-2020-deficit-at-five-year-low\/","title":{"rendered":"Trade with China shrank in 2020, deficit at five-year low"},"content":{"rendered":"<p><strong>News:\u00a0<\/strong>According to the data from China\u2019s General Administration of Customs (GAC), India\u2019s trade with China declined in 2020 to the lowest level since 2017, with the trade deficit narrowing to a five-year low as India imported far fewer goods from China.<\/p>\n<p><strong>Facts:<\/strong><\/p>\n<p><strong>Source: The Hindu<\/strong><\/p>\n<p><strong>\u00a0<\/strong><strong>Data Related to Trade between India and China:<\/strong><\/p>\n<ul>\n<li>\n<ul>\n<li><strong>Bilateral Trade:\u00a0<\/strong>The bilateral trade between India and China has decreased by 5.6% to $87.6 billion in 2020.<\/li>\n<li><strong>Imports and Exports:\u00a0<\/strong>India\u2019s imports from China shrank by 10.8% to $66.7 billion marking the lowest level of inbound shipments since 2016. However, India\u2019s exports to China have jumped 16% crossing the $20 billion mark for the first time to a record high of $20.86 billion.<\/li>\n<li><strong>Trade Deficit:\u00a0<\/strong>The trade deficit which shows the difference between exports and imports shrank to $45.8 billion, the lowest level since 2015.<\/li>\n<li><strong>What were the goods traded between India and China?\u00a0<\/strong>There was no immediate break-up of the data for 2020. India\u2019s biggest import in 2019 was electrical machinery and equipment worth $20.17 billion. Other major imports in 2019 were organic chemicals ($8.39 billion) and fertilizers ($1.67 billion) while India\u2019s top exports were iron ore, organic chemicals, cotton, and unfinished diamonds.<\/li>\n<li><strong>Significance:\u00a0<\/strong>The drop in India\u2019s imports from China was largely due to a slowdown in the domestic demand in the wake of the pandemic. Hence, this makes it difficult to determine whether 2020 is an exception or marks a turn away from the recent pattern of India\u2019s trade with China.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><strong>Data Related to China\u2019s Trade with Other Countries<\/strong><\/p>\n<ul>\n<li><strong>Positive foreign Trade growth:\u00a0<\/strong>China was the world\u2019s only major economy to have registered positive growth in foreign trade in goods.<\/li>\n<li><strong>ASEAN and EU:\u00a0<\/strong>Exports to the ASEAN bloc, China\u2019s largest trading partner in 2020 with bilateral trade amounting to $684 billion rose 6.7% while exports to the EU, China\u2019s second-largest trading partner also rose 6.7% as total trade reached $649 billion.<\/li>\n<li><strong>US:\u00a0<\/strong>In 2020, the trade between China and US was up 8.3% to $586 billion with China\u2019s exports rising 7.9% to reach a record $451 billion.\n<ul>\n<li>The trade surplus with the U.S expanded to $317 billion in 2020, compared with the $288 billion at the end of 2017 underlining the limited impact of the tariff measures, trade war and pandemic.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><a href=\"https:\/\/epaper.thehindu.com\/Home\/MShareArticle?OrgId=G5B862LA8.1&amp;imageview=0\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>Article Source<\/strong><\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>News:\u00a0According to the data from China\u2019s General Administration of Customs (GAC), India\u2019s trade with China declined in 2020 to the lowest level since 2017, with the trade deficit narrowing to a five-year low as India imported far fewer goods from China. Facts: Source: The Hindu \u00a0Data Related to Trade between India and China: Bilateral Trade:\u00a0The&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/trade-with-china-shrank-in-2020-deficit-at-five-year-low\/\">Continue reading <span class=\"screen-reader-text\">Trade with China shrank in 2020, deficit at five-year low<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":77177,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1566,1310,3127,164,9],"tags":[1354,1333],"class_list":["post-77138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-factly-articles","category-daily-news-updates","category-economy","category-international-relations-daily-factly-articles","category-public","tag-eco_3","tag-ir_0","entry"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/forumias.com\/blog\/wp-content\/uploads\/2021\/01\/Trade-with-China-shrank-in-2020-deficit-at-five-year-low.jpg?fit=1280%2C720&ssl=1","views":{"total":0,"cached_at":"","cached_date":1704397480},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/77138","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=77138"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/77138\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media\/77177"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=77138"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=77138"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=77138"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}